The National Bank of Ukraine has updated the procedure for conducting cash transactions in the national currency in Ukraine in order to bring it in line with the current requirements of Ukrainian legislation and regulatory acts of the regulator. This was reported by the press service of the NBU, UNN reports .
Details
It is noted that the NBU has excluded the possibility of cash withdrawal by business entities for settlements with citizens made by transferring funds without opening an account. That is, funds sent by such a transfer must first be credited to the current or payment account of the business entity, and only then can they be withdrawn in cash from these accounts.
At the same time, it is noted that no changes have occurred for citizens; they can pay for services provided by business entities and goods purchased from them both in non-cash form and in cash, in particular, when transferring funds without opening an account.
This provision will help to increase the transparency of payment transactions and minimize the use of payment infrastructure in illegal activities, in particular for tax evasion in the sale and purchase of goods.
In addition, the National Bank:
- clarified the term “non-bank payment service provider” by excluding non-financial payment service providers as those that do not carry out transactions defined by the procedure for conducting cash transactions in the national currency in Ukraine;
- changed the procedure for cash deposit by commercial agents of banks, non-bank payment service providers and their commercial agents;
- obliged business entities to take into account the level of danger when transporting and depositing cash proceeds (cash) to the bank on their own in order to minimize risks to the safety of funds;
- established a requirement for banks and enterprises that are authorized under Ukrainian law to collect funds, transport currency and other valuables to specify in agreements with clients - business entities the method of cash deposit and the amount of cash exceeding which cash collection will be mandatory;
- allowed business entities to use cash received from payment accounts opened with non-bank payment service providers for settlements;
- instructed business entities to issue to the payment card holder only payment banknotes and coins that are fit for circulation and do not raise doubts about their authenticity and solvency when providing the cash at the checkout service. Instead, worn-out banknotes should not be given to customers, but should be withdrawn and handed over to the servicing banks along with the cash proceeds;
- excluded the extension of restrictions on cash payments to the use by the Bureau of Economic Security of Ukraine of cash from the expenditure fund for operational and technical and operational search activities, investigative (detective) actions and covert investigative (detective) actions established in accordance with the Law of Ukraine “On the Bureau of Economic Security of Ukraine” (a similar provision applies to the National Anti-Corruption Bureau of Ukraine and the State Bureau of Investigation).
The relevant rules are contained in Resolution of the Board of the National Bank of Ukraine No. 100 dated August 23, 2024 "On Approval of Amendments to the Regulation on Conducting Cash Transactions in National Currency in Ukraine", which comes into force on August 29, 2024.
Payment service providers, their commercial agents and enterprises that are authorized under Ukrainian law to collect funds, transport currency and other valuables will have a six-month transition period from the date of entry into force of this resolution to review, update, renegotiate and conclude agreements with customers in accordance with the new requirements of the regulator.
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